Your tax dollars at work

Tax season always raises the question: Where do our tax dollars go? The Big Picture points out a tool for calculating, based on your salary and filing status, what your tax dollars support.

Here's the sample provided by Big Picture, based on a $100,000 salary:

Give the calculator a try for yourself, at this link.

Apr 20, 2011 1:08 PM

First vote on state income tax ban this week

A proposal to ban state income tax is scheduled to come up for the first of several required Senate votes on Thursday, the beginning of a process to get the proposed constitutional amendment in front of voters on the November 2014 ballot. WPLN has more.
Mar 2, 2011 9:20 AM

Beverly Hills puts cross hairs on Symbion surgery centers

The city of Beverly Hills in California is targeting a pair of surgery centers owned jointly by doctors and Nashville-based Symbion Inc., saying the facilities should be paying about four times their current tax rate:
The two Specialty Surgical Center facilities have been paying the same, relatively lower business tax rate as doctors, lawyers and other professional companies. The tax is a flat fee of about $1,300 for the first 2,080 hours of billable hours and 62 cents for each additional billable hour. But City Hall contends that because the surgery center owners lease out their space to other surgeons, a portion of their revenues should be taxed at the rate that real estate leasing companies pay, which is about $23 for every $1,000 of gross receipts. As a result, the city figures the owners of these two surgery centers should be paying about $150,000 a year in business taxes, about four times what they currently pay. The centers are both jointly owned by a group of physicians and Symbion Inc., a Nashville, Tenn.-based surgery center company.
The surgery centers contend that the city is "trying to twist the municipal code for its own ends," and given that they're providing medical services and not simply renting commercial property, they should continue to pay the rate charged for doctors.
Feb 14, 2011 9:34 AM

They need to rule against that treacly jingle they've got

The Tennessee Supreme Court has ruled - in a fairly complicated fashion - that Delaware-based Blue Bell Ice Cream has to pay Tennessee taxes.
Jan 25, 2011 9:11 AM
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Crack rocks and Black Cats

Tennessee gets a pair on the weird-tax list.
Jan 24, 2011 9:46 AM

Bredesen's billion-dollar baby

Action Andy with a report on the more than $1 billion with a b in taxes passed during Bredesen's eight years in office.
Acting at Bredesen's behest in 2007, for example, lawmakers passed a cigarette tax hike expected to bring in $160 million to $180 million a year, most of it going toward education. Earlier this year, faced with Bredesen's threats to slash their TennCare payments, hospitals asked lawmakers to pass a one-year hospital "assessment fee" that would raise $310 million to draw down additional federal matching funds. Other increases included a 2009 package that increased taxes on managed care companies not participating in TennCare. The package, which also raised environmental permit fees, brings in about $136 million annually. The same year, Bredesen persuaded lawmakers to boost employer taxes by an estimated $245 million a year to prevent the state's Unemployment Trust Fund from going broke. The tax is slated to go away when the fund hits $650 million in reserves. A list of tax and fee measures compiled by the General Assembly's Fiscal Review Committee staff, combined with Revenue Department figures and news accounts, shows total increases in Bredesen's tenure exceeded $900 million, although some tax and fee hikes are, theoretically, only temporary.
Dec 28, 2010 7:15 AM
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The cost of the Murfreesboro mosque fight

It's apparently costing about $75,000 in legal fees, paid by Tennessee taxpayers, for four Murfreesboro residents to continue opposing the construction of a mosque in their town:
An attorney for the four confirmed to The Tennessean their plans to fight the mosque through a final hearing on the matter, which is expected to happen sometime next year, keeping the tab open. "I do think it is unfortunate that the county is having to bear this expense, but, that's the way the legal system is," said Rutherford County Attorney Jim Cope, whose law office contracts with the county to perform legal services.
Click here to read The City Paper's extensive reporting on the mosque. Here is what our friends at the Nashville Scene have reported.
Dec 27, 2010 1:40 PM

Business tax seminar at APSU

The Tennessee Department of Revenue and Austin Peay State University are co-sponsoring the annual 2010 Tennessee Business Tax Seminar on Tuesday, July 27. The event, scheduled for 8:15 a.m. to 5:15 p.m., is designed to provide current information on Tennessee tax issues, including recent legislative developments, online filing options and various tax types and exemptions. For more info on this and other seminars, visit this link.
Jul 14, 2010 1:45 PM

American VCs anticipate shrinking industry

Unlike their counterparts in emerging markets, U.S. venture capitalists expect their industry to contract over the next five years. According to the Global Venture Capital Survey conducted by Deloitte and the National Venture Capital Association, more than 90 percent of U.S. respondents expect the number of venture firms to decrease by 2015. Meanwhile, a majority of venture capitalists in China, India and Brazil expect the number of VC firms there will grow.
“Traditionally strong markets like the U.S. and Europe will continue to be important hubs despite consolidation in the number of venture firms,” said Mark Jensen, partner, Deloitte & Touche LLP and national managing partner for venture capital services. “However, the stage has now been set for emerging markets like China, India and Brazil to rise as drivers of innovation as they are increasingly becoming more competitive with the traditional markets."
U.S. venture capitalists cited difficulty in achieving successful exits (88 percent), unfavorable tax policies (59 percent) and an unstable regulatory environment (53 percent) as factors contributing to an unfavorable investment climate. On the other hand, 48 percent of VCs cited both a strong R&D climate with government support and "an improving entrepreneurial environment" as working in favor of a stronger investment climate.
Jul 14, 2010 10:11 AM

Ready your wallets

Tennessee's annual sales tax holiday is slated for Friday, August 6 through Sunday, August 8. During the three-day period, shoppers will not pay state or local sales tax on select clothing, school and art supplies priced at $100 or less per item and computers costing $1,500 or less. Families saved nearly $8 million during the tax-free weekend last year, according to the Tennessee Department of Revenue. Information on the items exempt from sales tax is available at this link.
Jul 7, 2010 7:17 AM